Business
Gentherm Reports 2024 Second Quarter Results
Record Quarterly Revenue of $376 MillionHighest Quarterly Operating Income in Three YearsSecured $660 Million in Automotive New Business Awards NORTHVILLE,
About this update from Gentherm Inc
[{"type":"text","content":"Record Quarterly Revenue of $376 MillionHighest Quarterly Operating Income in Three YearsSecured $660 Million in Automotive New Business Awards NORTHVILLE, Mich., July 31, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced its financial results for the second quarter ending June 30, 2024. Second Quarter Highlights Product revenues of $375.7 million increased 0.9% from $372.3 million in the second quarter of 2023. Excluding the impact of foreign currency translation, product revenues increased 2.0% year over yearAutomotive revenues increased 0.7% year over year; excluding the impact of foreign currency translation, automotive revenues increased 1.8% year over yearGAAP diluted earnings per share was $0.60 as compared with a loss of $0.05 for the prior-year periodAdjusted diluted earnings per share (see table herein) was $0.66. Adjusted diluted earnings per share in the prior-year period was $0.58Secured automotive new business awards totaling $660 million in the quarter Phil Eyler, the Company's President and CEO, said, “The financial and operating results of the second quarter demonstrate the continued strong execution of our growth strategy. With record quarterly revenue, the highest quarterly operating income in three years, a 190 basis point year-over-year expansion in Adjusted EBITDA margin rate, and $660 million in automotive new business awards – including our first proprietary Puls.A™ massage solution award, the Gentherm team continues to deliver solid results in this challenging environment. He continued, “Our Automotive Climate and Comfort Solutions revenue outperformed actual light vehicle production in our key markets by 500 basis points, fueled by double-digit growth in our Lumbar and Massage Comfort Solutions, validating our investment thesis for the strategic acquisition of Alfmeier.” He concluded, “We continue to make significant strides in the development of our next generation technologies, including ClimateSense®, WellSense™, and ComfortScale™. Our second quarter automotive new business awards brought our year-to-date total to $1.2 billion. This momentum, and our continued progress on Fit-For-Growth 2.0, make us conf...